US equity futures finished flat for the day amidst choppy trading halting a 2 day rally. Technology was the worst performing sector led by Hewlett Packard who saw a 12% drop after news of a USD 8.8bln charge from the acquisition of Autonomy due to accounting improprieties. Best Buy also weighed on the index sinking 13% on the back of a weak earnings report. Stocks extended their losses as comments from Fed’s Bernanke disappointed markets that were looking for easing hints ahead of the December FOMC meeting and failed to offer any insight into a potential resolution of the fiscal cliff situation. Declines in equity futures were tempered following news of a potential ceasefire in the Israel-Gaza conflict, US secretary of state Hillary Clinton has now joined peace talks in a bid to establish a truce which is expected tomorrow. Finally the DJIA finished down 0.05% at 12789.89, the S&P 500 finished up 0.07% at 1387.86 and the NASDAQ 100 finished down 0.04% at 2594.66.
20 Nov 2012 - 15:01 - - Source: RANsquawk
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